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Tesco’s annual report has revealed that its chief executive officer Ken Murphy was paid £4.4m last year, alongside an additional salary increase.
The CEO received a fixed pay of £1.71m and a performance-related bonus of £2.73m, which according to the group, was slightly lower than his previous pay packet that totaled £4.75m.
The report stated that Murphy is to receive a 3% increase in his salary for the current year, which it noted was “considerably” lower than the 8% increase allocated to the retailer’s store staff due to the rising cost of living.
Meanwhile, the chief financial officer Imran Nawaz’s total pay packet increased from £1.91m to £2.27m last year.
Like Murphy, the CFO also received a salary increase of 4% for the current financial year.
The salary increases come despite the supermarket chain reporting last month that its pre-tax profits had fallen by over 50% to £1bn in the previous financial year due to increasing inflationary costs.
